A FULL WALLET

More than just a banking innovation

The changing landscape and tough trading environment of various industries has presented businesses with many financial challenges. Apart from these challenges, business risks are becoming more complex, and it has become imperative to think of new ways to manage those risks.

One of these risks entails the paying of cash salaries and wages to employees and casual or seasonal workers. Many workers have limited access to banks, while others may not possess the necessary documentation to open a bank account.

The traditional way of paying these workers nowadays is unacceptably risky, as vast sums of money have to be carried on your person. Furthermore, processing a cheque payment can cost you up to R95 per cheque. In addition, the cost of cashing cheques can be substantial to your workers.

When it comes to finding new ways to improve the payroll process, FNB eWallet Solutions has invented an innovation which simplifies paying salaries and wages, and limits the risks and costs that businesses would have to take upon themselves when paying workers.

eWallet Pro offers a secure and simple payment solution that is tailor-made for business owners with limited time to deal with administrative issues. It eliminates the need to open bank accounts, make cheque payments or travel into towns to branches. In one simple online payment, you can pay your workers safely and securely, without even having to leave your business.

The distance from towns, and the isolation of mines or farms for example, makes it difficult for workers to regularly draw cash or make payments. Paying your workers using eWallet Pro saves you, and them, the inconvenience of having to spend time away from work.

eWallet Pro allows you to make payments to workers using their cellphone number or by loading money onto an eWallet Pro VISA Debit Cards (prepaid and PIN-based), even if the recipients don’t have bank accounts, where cards can be co-branded with your business’ corporate identity.

If money is paid into an eWallet that is linked to your worker’s cellphone number, they have the ability to buy prepaid airtime, data and electricity, view balances, fees and mini statements, and change their 5-digit PIN—all from their cellphone. If your workers opt to withdraw the funds, they can use their cellphones to withdraw money from FNB ATMs anywhere in the country.

More functions

Wage payments can also be made into an eWallet that is linked to a VISA card. Using the card, recipients have the same functions as the cellphone recipients, but have the added benefits of making purchases at any store displaying the VISA sign, get cash at any ATM in the country or at selected Pick n Pay, Shoprite, Checkers and Boxer Stores.

eWallet Pro offers a simple file upload function which reduces the time you will spend capturing your workers’ details to facilitate the payment.

The convenience of the innovation was highlighted by a satisfied FNB customer in the agricultural industry who employs 650 workers: “Before eWallet Pro, we used to pay our workers using cash cheques; however, eWallet Pro proved to be a substantially cheaper option and it made financial sense for us to change. The eWallet Pro prepaid cards are cost effective and secure—not only for us as employers—but for our workers as well. The system is user-friendly for all parties and the quick file upload system saves us so much time, we just key-in the amount to pay, instead of having to write 650 cheques. It is a lifesaver.”

In order to minimise the financial risk you would bear due to unauthorised payments being made from your account, payments via eWallet Pro can only be made by authorised personnel within the business. You have the option to select yourself as the authoriser or you may nominate an administrator so that you can spend more time focusing on the real work.

An added bonus is the ability to select the pricing option that best suits your needs. You can elect to sponsor withdrawals for your workers—making it easier and cheaper for them to retrieve their funds.

The invention has been seen to have many uses apart from wages and salaries, such as petty cash, rewards, gifts or bonuses, allowances, commissions and even bursaries. Businesses are also using eWallet Pro for client payouts in the insurance and medical industries.

An FNB client in the mining sector is currently using eWallet Pro purely for food allowances, as it was seen that employees would send their full wages home and not have any money left for personal use, especially food.

eWallet Pro reached its highest usage in July 2016, with a record number of payments at R248 000, the highest since inception of the product in 2012, indicating that businesses are recognising the need and benefits of this payment solution.